The Town of Willingdon adopted the following General Fund budget for fiscal year 2017: Estimated revenues: Taxes
Question:
The Town of Willingdon adopted the following General Fund budget for fiscal year 2017:
Estimated revenues:
Taxes ......................................................$15,000,000
Intergovernmental revenues............................ 1,000,000
Licenses and permits.................................... 400,000
Fines and forfeits........................................ 150,000
Miscellaneous revenues................................. 100,000
Total estimated revenues............................... $16,650,000
Appropriations:
General government..................................... $8,000,000
Public safety.............................................. 6,000,000
Public works.............................................. 1,550,000
Health and welfare...................................... 950,000
Miscellaneous............................................ 100,000
Total appropriations..................................... $16,600,000
Required
Prepare the general journal entries to record the adopted budget at the beginning of FY 2017. Show entries in the subsidiary ledger accounts as well as the general ledger accounts.
Step by Step Answer:
ESTIMATED REVENUES BUDGETARY FUND BALANCE APPROPRIATIONS Town of Willingdon Estimated Revenu...View the full answer
Accounting for Governmental and Nonprofit Entities
ISBN: 978-0078025822
17th edition
Authors: Jacqueline Reck, Suzanne Lowensohn, Earl Wilson
